Crypto markets edge higher as Bitcoin (~$78.3k) and Ether (~$2.34k) gain despite heavy liquidations; CoinShares reports $1.7B outflows

first published 2026-02-02T06:53:25Z

ETH dropped nearly 8%, breaking decisively below $2,300 amid a broad selloff. On-chain data shows large exchange inflows — about 357,000 ETH to Binance on Feb 1 and roughly 600,000 ETH to major exchanges — consistent with distribution by large holders. Derivatives liquidations erased roughly $280 million of ETH longs in 24 hours. ETH broke the $2,300–$2,500 support zone, now trades under short-term moving averages, with immediate support near $2,000 and $1,600 as a deeper target. A potential inverse head-and-shoulders would need a reclaim of $2,500 on strong volume; a drop below $2,100 would invalidate that pattern.

AI Analysis

ETH fell nearly 8% and slipped below $2,300; on-chain inflows totaled ~357,000 ETH to Binance on Feb 1 and ~600,000 ETH to major exchanges; derivatives liquidations removed ~$280M of ETH longs in 24 hours; price broke the $2,300–$2,500 support zone and now sits below short-term moving averages; immediate support cited at $2,000 and $1,600, with a possible inverse head-and-shoulders requiring a reclaim of $2,500 and invalidation below $2,100.

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